A US delegation will visit China next week for talks aimed at defusing the trade war between the world's two largest economies. The closely watched meeting follows a dismal week for US markets, with losses fuelled partly by trade fears.
Pakistan has officially requested to resume negotiations with Mercosur for a free trade agreement, with discussions expected to begin in early 2019. Islamabad believes it is an opportunity to bridge the trade deficit with countries of the South American bloc.
British Chief Secretary to the Treasury, Elizabeth Truss visits Latin America to build relationships with Brazil and Chile. Ms Truss visited Brasília, São Paulo and Santiago for bilateral meetings with ministers and will follow-up on the second UK/Brazil Economic and Financial Dialogue (EFD), particularly on infrastructure.
China reported much stronger-than-expected exports for October as shippers rushed goods to the United States, its biggest trading partner, racing to beat higher tariff rates due to kick in at the start of next year. Import growth also defied forecasts for a slowdown, suggesting Beijing’s growth-boosting measures to support the cooling economy may be slowly starting to make themselves felt.
The United States and China will hold a delayed top-level security dialogue on Friday, the latest sign of a thaw in relations, as China’s vice president said Beijing was willing to talk with Washington to resolve their bitter trade dispute.
Russia and Argentina have approved a draft agreement on fisheries cooperation. The agreement will make seafood exports from Argentina to Russia significantly easier and boost trade volumes. Russia will also obtain a right to fish in Argentine waters, the agreement stipulates.
Latin American stocks soared on Thursday with Brazil shares touching an all-time high and Argentina's Merval stock index jumping 6,2%, as global risk appetite recovered on strong corporate earnings and signs that the Sino-U.S. trade war could be contained.
United States has refrained from labeling China a currency manipulator in a move which may help defuse escalating tension over trade between the two countries. President Trump has previously accused China of keeping its currency weak to make its exports more competitive.
Chile has called for lithium to be traded on the London Metals Exchange to provide greater “clarity” about its value, mining minister Baldo Prokurica said. At present, lithium producers negotiate contracts with buyers but the terms of the deals are not made public. Critics say this lack of clarity has a chilling effect on potential new investment in the market since the metal’s value cannot be precisely measured.
Wall Street indexes continued their slide in Thursday’s volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kickoff.